Many traders are wondering how much the price will rise Ethereum (ETH) amid growth in derivatives.
On November 24, open interest in buying futures on Ethereum reached historical maximum at $20,8 billion. The amount of open positions on the ETH options market increased by 1,5% over the past day and exceeded $8 billion.
However, despite the revival in the derivatives market, the rate Ethereum is correcting after the bulls failed to gain a foothold above the resistance barrier at $3500. The large number of sold coins indicates that the downward trend may continue in the short term.
However, an analyst known by the pseudonym EtherNasyonal believes , that the price of ETH will soon soar. The expert drew an analogy with the situation that was observed on the market from 2016 to 2017, and put forward the hypothesis that:
- At the beginning of 2025 the rate Ethereum will break through the downward trend line, which will be in the region of $3700;
- Then the phase of exponential growth of the asset value will begin, during which Ethereum will rise in price to at least $10,000 by the end of 2025.
Change of course Ethereum , according to EtherNasyonal forecast
The analyst's forecast is not without common sense, but it needs to be corrected in that the downward trend in the ETH market did not begin in February 2024, as indicated on his chart, but in November 2021. Obviously, overcoming such a long-term bearish trend will trigger the start of a bullish rally.
Bullish trend line on price change chart Ethereum
